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Commonwealth Bank will keep its regional branches open until at least December 2030 and maintain widespread cash access, extending its moratorium by three years.
Commonwealth Bank will keep its hundreds of regional branches open until at least December 2030 and maintain widespread access to cash, extending its regional banking moratorium by a further three years.
The moratorium had been due to end in July next year. CBA announced the extension on Thursday. The bank is the country's biggest, with more than 600 branches and 1700 ATMs, the largest banking network in Australia. CBA chief executive Matt Comyn said he could not foresee a time in any conceivable timeline where the bank would not be supporting cash.
CBA Commits To Cash Access
He said that while the share of transactions settled using cash continued to fall, the total number over the past one or two years was larger than you think. CBA retail bank group executive Angus Sullivan said the bank maintained a long-term enduring commitment to cash despite reduced usage. As surcharges are removed from credit and debit transactions electronically at the point of sale, I am guessing that will further support electronic payments, he said.
The trend with cash is clear, but we have got a commitment to support cash. Reserve Bank data shows cash usage in a typical week has fallen from 97 per cent of Australians in 2007 to a much lower share today. CBA head of customer service network Samantha Taranto said foot traffic across many branches was falling as customers transitioned to digital banking.
And as the digital pathways improve, we do see traffic into branches across regional and metro areas gradually reducing, she said. Comyn said some customers would continue to have a heavy orientation towards face-to-face banking, and the decision to pause regional bank closures was aimed at giving customers certainty. As any deadline tends to loom, even if it is a year away, people start asking questions about what is happening, he said.
Regional Branches Support Business Customers
We know uncertainty is not great for people, and we see a lot of opportunity in the regions. Sullivan said having a physical presence in the regions would also help the bank win over business banking customers. He said employees in some very remote communities worked in branches with reduced service hours, but the bank tried to find full-time work for them where possible.
They spend time serving in-person customers when the branch is open, and then when the branch is closed to customers, we give them other work: it could be on the phone, or it could be messaging with customers, he said. CBA also has a partnership with Australia Post in place until 2032, giving customers access to banking services at a further 3300 locations. The bank announced it would spend a further $140 million to improve branches across Australia.
Digital Growth And Branch Investment
The investment will target reducing wait times, improving responsiveness and personal branch service, and making it more convenient to access lenders, specialist and business bankers, including in metro locations. The moratorium extension and cash commitment come as digital banking continues to grow. The bank said the measures were designed to give customers and communities certainty about continued access to in-person services. Competitor Westpac extended its moratorium on rural bank branch closures to 2030 last year.
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brisbanetimes:CBA commits to cash and will keep hundreds of regional branches open until 2030 
smh:CBA commits to cash and will keep hundreds of regional branches open until 2030This story was compiled and edited by the HeadTopics newsroom and HT AI from the reports above.
Regional Branches Cash Access Banking Moratorium Branch Investment Regional Branch Moratorium Branch Closures Digital Banking
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